Form990-PF

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation
Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0052
2011
For calendar year 2011, or tax year beginning 12-01-2011 , and ending 11-30-2012
G
Check all that apply:
Name of foundation
JESSIE F HALLETT CHAR TRUST UA 35157020
 

Number and street (or P.O. box number if mail is not delivered to street address)P O BOX 64713 TRUST TAX SERVICES   Room/suite
City or town, state, and ZIP code
ST PAUL, MN551640713
A Employer identification number

41-6211994
B Telephone number (see page 10 of the instructions)

(507) 285-7925
C bullet
D 1. bullet
H Check type of organization:
2. bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$8,926,891J Accounting method:
 
(Part I, column (d) must be on cash basis.)
E bullet
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see page 11 of the instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 258,731 258,731  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -6,641
b Gross sales price for all assets on line 6a 1,381,474
7 Capital gain net income (from Part IV, line 2)... 0
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 48,567    
12 Total. Add lines 1 through 11........ 300,657 258,731  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 108,244 56,265   51,979
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 14,422 1,459   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings....... 2,925 0 0 2,925
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment 14,570 82   5,191
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 140,161 57,806 0 60,095
25 Contributions, gifts, grants paid........ 390,930 390,930
26 Total expenses and disbursements. Add lines 24 and 25 531,091 57,806 0 451,025
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -230,434
b Net investment income (if negative, enter -0-) 200,925
c Adjusted net income (if negative, enter -0-)... 0
For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.
Cat. No. 11289X Form 990-PF (2011)
Form 990-PF (2011)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 676 -135,065 -135,065
2 Savings and temporary cash investments.......... 49,264 146,374 146,374
3 Accounts receivable bullet6
Less: allowance for doubtful accounts bullet   2,795 6 6
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet0      
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule) 526,297 Click to see attachment535,431 604,619
b Investments—corporate stock (attach schedule)........ 6,332,917 Click to see attachment6,098,788 6,916,184
c Investments—corporate bonds (attach schedule)........ 1,288,367 Click to see attachment1,338,112 1,364,202
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 115,284 Click to see attachment101,512 30,571
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 8,315,600 8,085,158 8,926,891
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)..........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 0  
28 Paid-in or capital surplus, or land, bldg., and equipment fund 3,685,743 3,685,743
29 Retained earnings, accumulated income, endowment, or other funds 4,629,857 4,399,415
30 Total net assets or fund balances (see page 17 of the
instructions).................... 8,315,600 8,085,158
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 8,315,600 8,085,158
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 8,315,600
2 Enter amount from Part I, line 27a..................... 2 -230,434
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 8,085,166
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 8
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 8,085,158
Form 990-PF (2011)
Form 990-PF (2011)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a 50000. U S TREASURY NT 0.625% 12/31/12   2011-01-19 2011-12-16
b . NET SETTLEMENT FROM CLASS ACTION SUIT     2012-01-17
c 100000. GENERAL ELEC CAP MTN 5.875% 2/15/12   2002-07-03 2012-02-15
d 25000. U S TREASURY NT 2.000% 11/15/21   2011-12-16 2012-04-04
e 25000. U S TREASURY NT 0.625% 12/31/12   2012-04-04 2012-06-28
25000. U S TREASURY NT 0.625% 12/31/12   2011-01-19 2012-06-28
75000. CRED SUIS NY MTN 3.450% 7/02/12   2010-11-01 2012-07-02
75000. LLOYDS TSB BANK 6.375% 1/21/21   2011-03-23 2012-07-05
25000. U S TREASURY NT 2.125% 8/15/21   2011-10-27 2012-09-25
25000. U S TREASURY NT 2.000% 11/15/21   2011-12-16 2012-09-25
50000. U S TREASURY NT 1.750% 5/15/22   2012-06-28 2012-09-25
25000. U S TREASURY NT 0.625% 12/31/12   2011-01-19 2012-11-05
1630. IPATH DOW JONES UBS COMMODITY   2010-11-10 2012-11-29
2795. ISHARES MSCI EMERGING MKTS E T F   2011-06-16 2012-11-29
780. ISHARES JP MORGAN EM BOND FD   2011-06-16 2012-11-29
4265. SPDR BARCLAYS INTRNTNL TREASURY ETF   2011-11-18 2012-11-29
29816.514 TURNER SPECTRUM FUND INSTL   2011-11-18 2012-11-29
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 50,240   50,041 199
b 28     28
c 100,000   100,029 -29
d 24,556   25,322 -766
e 25,056   25,079 -23
25,056   25,021 35
75,000   78,247 -3,247
85,663   78,585 7,078
26,265   24,612 1,653
25,918   25,322 596
50,311   50,783 -472
25,019   25,021 -2
69,616   76,268 -6,652
116,493   125,598 -9,105
95,444   84,638 10,806
260,914   251,554 9,360
325,895   341,995 -16,100
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a       199
b       28
c       -29
d       -766
e       -23
      35
      -3,247
      7,078
      1,653
      596
      -472
      -2
      -6,652
      -9,105
      10,806
      9,360
      -16,100
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 -6,641
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see pages 13 and 17 of the instructions).
If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . . 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2010 392,721 8,750,185 0.044881
2009 449,130 8,669,609 0.051805
2008 356,522 8,036,498 0.044363
2007 588,684 9,902,844 0.059446
2006 524,861 10,796,628 0.048613
2 Total of line 1, column (d) ...................... 2 0.249108
3 Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years. . . 		3 0.049822
4 Enter the net value of noncharitable-use assets for 2011 from Part X, line 5..... 4 8,767,537
5 Multiply line 4 by line 3....................... 5 436,816
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 2,009
7 Add lines 5 and 6......................... 7 438,825
8 Enter qualifying distributions from Part XII, line 4.............. 8 451,025
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions on page 18.
Form 990-PF (2011)
Form 990-PF (2011)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 2,009
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2............................ 3 2,009
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 2,009
6 Credits/Payments:
a 2011 estimated tax payments and 2010 overpayment credited to 2011 6a 13,272
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c 0
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 13,272
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 11,263
11 Enter the amount of line 10 to be: Credited to 2012 estimated taxBullet2,012 Refunded Bullet 11 9,251
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletMN
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2011 or the taxable year beginning in 2011 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV..........................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......
    11
     
    No
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletUS BANK NATIONAL ASSOCIATION Telephone no.bullet (507) 285-7925
    Located atbullet155 1ST AVENUE SWROCHESTERMN ZIP+4bullet55902
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2011, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2011?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2011, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2011?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2011 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2011.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2011?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 6
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    US BANK NATIONAL ASSOCIATION CORP TRUSTEE
    8     		58,444    
    155 1ST AVE SW
    ROCHESTER,MN55902
    TOM JENSEN CO-TRUSTEE
    4     		12,000    
    8002 ECHO DR
    NORWALK,IA50211
    KIRK SPRINGSTED CO-TRUSTEE
    4     		12,000    
    50 NECK ROAD
    MADISON,CT06433
    PAUL SCHLIESMAN CO-TRUSTEE
    4     		13,800    
    1200 MARION LANE W UNIT 103
    MINNATONKA,MN55305
    DESIREE PARKER CO-TRUSTEE
    4     		12,000    
    118 BALMORAL CT
    MARCO ISLAND,FL34145
    2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the instructions).
    If none, enter “NONE.”
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see page 23 of the instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3..........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    8,683,697
    b
    Average of monthly cash balances.......................
    1b
    175,772
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    41,584
    d
    Total (add lines 1a, b, and c).........................
    1d
    8,901,053
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    8,901,053
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ...........................
    4
    133,516
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    8,767,537
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    438,377
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    438,377
    2a
    Tax on investment income for 2011 from Part VI, line 5......
    2a
    2,009
    b
    Income tax for 2011. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    2,009
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    436,368
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    48,567
    5
    Add lines 3 and 4............................
    5
    484,935
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
    484,935
    Part XII
    Qualifying Distributions (see page 25 of the instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    451,025
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    451,025
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see page 26 of the instructions)............
    5
    2,009
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    449,016
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2010     		(c)
    2010     		(d)
    2011
    1 Distributable amount for 2011 from Part XI, line 7 484,935
    2 Undistributed income, if any, as of the end of 2011:
    a Enter amount for 2010 only....... 181,962
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2011:
    a From 2006....... 0
    b From 2007....... 0
    c From 2008....... 0
    d From 2009....... 0
    e From 2010....... 0
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2011 from Part
    XII, line 4: bullet$ 451,025
    a Applied to 2010, but not more than line 2a 181,962
    b Applied to undistributed income of prior years
    (Election required—see page 26 of the instructions)    		 0
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		0
    d Applied to 2011 distributable amount..... 269,063
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2011. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable
    amount—see page 27 of the instructions ...     		0
    e Undistributed income for 2010. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		0
    f Undistributed income for 2011. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		215,872
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see page 27
    of the instructions) ...........     		0
    8Excess distributions carryover from 2006 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		0
    9Excess distributions carryover to 2012.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2007.... 0
    b Excess from 2008.... 0
    c Excess from 2009.... 0
    d Excess from 2010.... 0
    e Excess from 2011.... 0
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 9
    Part XIV
    Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2011, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2011 (b) 2010 (c) 2009 (d) 2008
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ....     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets” alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment” alternative test— enter 2⁄3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support” alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see page 27 of the instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number of the person to whom applications should be addressed:
    US BANK NA ATTN DUANE FERAGEN
    155 1ST AVENUE SW
    ROCHESTER,MN55902
    (507) 285-7925
    bThe form in which applications should be submitted and information and materials they should include:
    APPLICATIONS SHOULD BE SUBMITTED IN WRITTEN FORM OUTLINING THE NATURE OF THE REQUEST.
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    THE TRUST AWARDS GRANT FOR RELIGIOUS, CHARITABLE, SCIENTIFIC, LITERARY AND EDUCATIONAL PURPOSES.
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 10
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    BEREA COLLEGE
    CPO 2216
    BEREA,KY40404     		NONE N/A GENERAL 52,198
    CHILDRENS HOME SOCIETY OF MINN
    2230 COMO AVE
    SAINT PAUL,MN551081720     		NONE N/A GENERAL 250
    CHRISTIAN HERALD ASSOCIATION INC
    ATTN ROBERT P DEPUE
    NEW YORK,NY10016     		NONE N/A GENERAL 17,399
    CROSBY IRONTON PRESBYTERIAN
    CHURCH
    PO BOX 188
    CROSBY,MN56441     		NONE N/A GENERAL 2,000
    GIRL SCOUTS OF THE USA
    420 5TH AVE
    NEW YORK,NY100182798     		NONE N/A GENERAL 3,480
    JAMESTOWN COLLEGE
    6000 COLLEGE LANE
    JAMESTOWN,ND58405     		NONE N/A GENERAL 34,799
    LUTHER COLLEGE
    700 COLLEGE DRIVE
    DECORAH,IA52101     		NONE N/A GENERAL 17,399
    MCCORMICK THEOLOGICAL SEMINARY
    5460 S UNIVERSITY AVE
    CHICAGO,IL60615     		NONE N/A GENERAL 41,237
    MOODY BIBLE INSTITUTE
    820 N LASALLE STREET
    CHICAGO,IL606103214     		NONE N/A GENERAL 52,198
    VILLAGE OF CROSBY
    JESSIE HALLETT PUBLIC LIBRARY
    CROSBY,MN56441     		NONE N/A GENERAL 500
    JESSE HALLETT MEMORIAL
    LIBRARY
    101 1ST STREET NE
    CROSBY,MN56441     		NONE N/A GENERAL 8,301
    HALLETT COMMUNITY CENTER
    470 8TH ST NE
    CROSBY,MN56441     		NONE N/A OPERATING EXPENSES 9,098
    BETHEL UNIVERSITY
    3900 BETHEL DRIVE
    SAINT PAUL,MN551126902     		NONE N/A GENERAL 77,319
    PRESBYTERIAN CHURCH USA
    200 E 12TH STREET
    JEFFERSONVILLE,IN471303854     		NONE N/A GENERAL 17,399
    VISION LOSS RESOURCES
    1936 LYNDALE AVENUE SOUTH
    MINNEAPOLIS,MN55403     		NONE N/A GENERAL 17,399
    CONCORDIA COLLEGE
    901 8TH STREET S
    MOORHEAD,MN565620001     		NONE N/A GENERAL 34,799
    BOY SCOUTS OF AMERICA
    NAPERVILLE
    230 W DIEHL DRIVE
    NAPERVILLE,IL60566     		NONE N/A GENERAL 5,155
    Total .................................bullet 3a 390,930
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See page 28 of
    the instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments          
    4 Dividends and interest from securities....     14 258,731  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8Gain or (loss) from sales of assets other than inventory     18 -6,641  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aREFUNDED GRANTS     01 48,567  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   300,657  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13300,657
    (See worksheet in line 13 instructions on page 28 to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See
    page 28 of the instructions.)
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2011)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2011 InvestmentsCorpBondsSchedule
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Name of Bond End of Year Book Value End of Year Fair Market Value
    HSBC USA INC 2.375 51,513 51,483
    GENERAL ELEC CO 5.875    
    CREDIT SUISSE NY MED TR NT    
    JOHN DEERE CAP 4.950 75,000 75,135
    ORACLE CORP 4.95 79,286 76,240
    GOLDMAN SACHS 5.250 53,801 51,867
    ALABAMA POWER CO 5.8 50,194 52,454
    DISNEY WALT CO 4.500 78,306 78,142
    NOVARTIS CAPITAL 4.125    
    JPMORGAN CHASE 4.650 80,120 79,208
    EI DU PONT DE NEMOUR C 75,076 77,638
    WACHOVIA BANK NA 5.600 76,733 84,220
    XTRA FIN CORP 5.150 52,409 57,196
    DUKE ENERGY CAROLINAS 82,927 86,682
    NORTHERN TRUST CORP 3.450 75,265 81,740
    BNP PARIBAS 2.125 76,944 75,054
    HEWLETT PACKARD CO 3.750 75,342 68,628
    BERKSHIRE HATHAWAY 4.250 75,000 86,810
    NORTHERN TRUST CO 3.375 25,103 27,120
    LLOYDS TSB BANK 6.375    
    PACCAR FINANCIAL CORP NT 1.55 50,925 50,857
    PNC FUNDING CORP 3.625 53,112 53,115
    TOYOTA MOTOR CR CORP .875 50,237 50,133
    CATERPILL FIN MED 1.250 50,332 50,231
    BANK OF MONTREAL MED TERM NT 50,487 50,249

    TY 2011 InvestmentsCorpStockSchedule
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Name of Stock End of Year Book Value End of Year Fair Market Value
    IPATH DOW JONES UBS COMMODITY 333,998 354,496
    ISHARES MSCI EMERGING MKTS ETF 246,510 401,763
    ISHARES RUSSELL MIDCAP INDEX 193,044 250,763
    ISHARES S&P SMALLCAP 600 INDEX 221,357 301,767
    MIDCAP SPDR TRUSTSER IETF 189,979 252,555
    ISHARES BARCLAYS TIPS BOND ETF 472,051 493,484
    ISHARES IBOXX H Y CORP BOND 505,385 537,364
    ISHARES JP MORGAN EM BOND EM    
    SPDR BARCLAYS CAP INTL D    
    HIGHLAND LONG SHORT EQUITY Z    
    I SHARES MSCI EAFE INDEX FD ET 1,184,361 1,256,422
    ISHARES DJ US REAL ESTATE ETF 254,583 269,791
    SPDR DJ WILSHIRE INTERNATIONAL 266,111 276,844
    SPDR S&P 500 ETF TRUST 1,689,302 1,974,533
    TURNER SPECTRUM FUND INSTL 93,078 88,615
    NUVEEN SHORT TERM BOND FD 100,000 100,000
    PYXIS LONG SHORT EQUITY Z 174,029 182,675
    TFS MARKET NEUTRAL FD 175,000 175,112

    TY 2011 InvestmentsGovtObligationsSch
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    US Government Securities - End of Year Book Value:

    535,431
    US Government Securities - End of Year Fair Market Value:

    604,619
    State & Local Government Securities - End of Year Book Value:


     
    State & Local Government Securities - End of Year Fair Market Value:


     


    TY 2011 InvestmentsOtherSchedule2
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    COAST DIVIRSIFIED AT COST 101,512 30,571

    TY 2011 OtherDecreasesSchedule
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Description Amount
    ROUNDING 8


    TY 2011 OtherExpensesSchedule
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OTHER NONALLOCABLE EXPENSES 82 82   0
    FILING FEES 80 0   80
    OTHER EXPENSES 5,111 0   5,111
    FUNDS TRANSFER 9,297 0   0


    TY 2011 OtherIncomeSchedule2
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    REFUNDED GRANTS 48,567 0  


    TY 2011 TaxesSchedule
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 130 130   0
    FEDERAL TAX 9,645 0   0
    FEDERAL TAX 3,318 0   0
    FOREIGN TAXES ON QUALIFIED FOR 1,003 1,003   0
    FOREIGN TAXES ON NONQUALIFIED 326 326   0